Apple Faces Margin Pressures Amid Slowing iPhone Growth Ahead of Earnings
Yahoo Finance ·
As Apple Inc (NASDAQ:AAPL, XETRA:APC) prepares for its November 2 earnings report, UBS warns that surging component expenses and cooling iPhone expansion could challenge the tech giant's premium valuation. In a recent note, UBS projected September-quarter revenue of $112.8 billion and diluted earnings per share of $1.97, both slightly trailing consensus estimates. iPhone revenue is predicted to reach $56 billion, representing a 14% year-over-year increase that signals a deceleration from prior quarters. Furthermore, gross margin is anticipated to decline to 47.5% from 50.1% in June, primarily driven by higher memory chip costs and the absence of tariff refunds. UBS maintains a Neutral rating and a $296 price target on the stock, questioning the sustainability of its recent outperformance relative to peers like Nvidia and the Nasdaq 100.
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UBS projected that Apple's September quarter revenue will reach $112.8 billion, falling short of the consensus estimate of $113.6 billion. Slower iPhone growth and rising component costs, such as memory chips, are acting as headwinds for gross margins. Investors need to look beyond cost-cutting for fundamental growth drivers in the upcoming earnings release.
하락 영향
- Big Tech/IT — Investor sentiment across technology stocks may weaken due to margin pressures from slowing iPhone growth and rising component costs like memory chips.
DYAX 전담 분석
UBS expects iPhone revenue growth to slow from 22-23% in the previous quarter to 14%, and analyzes that the gross margin will decline to 47.5% due to the fading effect of tariff refunds and rising component costs. This could act as short-term downward pressure on Apple's stock, which carries a high valuation burden.
The direction of the stock will depend on whether the services sector rebounds and cost efficiency improves in future earnings announcements. Investors should focus on signs of demand recovery for core products rather than an earnings surprise driven by short-term cost reduction.
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